Stationary Fuel Cell Market Forecast to Hit $9 Billion by 2031
Clean Energy Revolution: Insights into the Stationary Fuel Cell Market
Stringent government regulations to control increasing pollution and increase in demand for distributed power system are the key factors boosting the Stationary fuel cell market growth.”
WILMINGTON, DE, UNITED STATES, October 1, 2024 /EINPresswire.com/ -- — Allied Market Research
According to a new report published by Allied Market Research, The stationary fuel cell market size was valued at $2.6 billion in 2021, and stationary fuel cell industry is estimated to reach $9.0 billion by 2031, growing at a CAGR of 13.1% from 2022 to 2031.
The stationary fuel cell is a system generating power through an electrochemical reaction. It can be used as a source for primary applications, a backup source, or an electrical source in critical operations, and stationary fuel cells to reduce oil and other harmful emissions and support an eco-friendly environment.
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Asia-Pacific accounted for the largest market share in the market and is projected to grow at a CAGR of 13.5% during the forecast period. An increase in the investment of the government and private industries towards the hydrogen infrastructure has benefited the global stationary fuel cell market opportunities.
Rapid development and increased power consumption need the optimal use of energy resources. This has expanded the use of low-emission energy sources like fuel cells. Emerging fuel cell technologies are being employed in green energy generation as well as backup power systems such as Uninterrupted Power Supply (UPS) and portable charging devices.
Key players in the global stationary fuel cell industry Ballard Power Systems, Posco Energy, Toshiba Fuel Cell Power System Corporation, Denso Corporation, Mitsubishi Hitachi power systems Ltd., FUJI Electric Co. Ltd., Fuelcell Energy Inc., Plug Power Inc., Horizon Fuel Cell Technologies Pte, and Aisin Seiki Co., Ltd.
The electricity was generated using renewable resources and a combustion engine. However, these devices were unreliable because they were dependent on numerous natural and other circumstances.
Stationary fuel cell devices were designed to remove the risk of grid reliance and boost power availability. These systems provide reliable power backup and take up little space while delivering optimum efficiency.
The stationary fuel cells market enables cleaner, adaptable, and innovative power solutions to the present scenario. These cells are very operative in terms of their utilization in electrical applications and power generation.
The use of stationary fuel cell systems for backup power, distributed power production, cogeneration, and power delivery at remote places has grown dramatically in recent years.
A considerable number of industrial and commercial sectors are implementing these power systems to provide continuous power availability for equipment that cannot function without electricity.
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In order to generate electrical power, stationary fuel cell devices have evolved as an effective and dependable alternative to combustion heat engines.
As per stationary fuel cell market analysis, on the basis of capacity, the 5KW to 250 KW segment emerged as the global leader by acquiring more than 40% of the stationary fuel cell market share in 2021, and is anticipated to continue this trend during the forecast period.
On the basis of type, the proton exchange membrane fuel cell segment accounted for more than half of the global market share in FY2021.
On the basis of application, the prime power segment accounted for nearly half of the global stationary fuel cell market share in FY2021.
On the basis of end-use industry, the transportation segment accounted for more than one-third of the global market share in FY2021.
Impact of covid- on the stationary fuel cell market
COVID-19 has influenced the stationary fuel cell sector and has had an impact on economic growth in several regions. Lockdowns and curfews have caused various manufacturing processes to be halted, forcing fuel prices to skyrocket.
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Additionally, rise in customer knowledge about the need to cut GHG emissions and improve air quality will boost market demand.
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